Capital Clean Energy Carriers Corp. · NASDAQ:CCEC
Capital Clean Energy Carriers — Capital Product Partners — Q3 2011 Earnings Presentation
13 slides from Capital Clean Energy Carriers's earnings presentation, Oct 31, 2011
Slide 1: Third Quarter 2011 Earnings Presentation
Third Quarter 2011 Earnings Presentation October 31, 2011 Capital Product Partners L.P. www.capitalpplp.com
Slide 2: Disclosures
Disclosures This presentation contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current assumptions and expectations with respect to expected future events and performance. All statements, other than statemen
Slide 3: Third Quarter 2011 Results Highlights
Third Quarter 2011 Results Highlights 1 Partnership’s Net Income Of $68.5 Million – EPU Of $1.50 Including: $65.9 Million Gain From Bargain Purchase Related To Excess Of The Fair Value Of Crude Carriers Corp.’s (‘Crude Carriers’) Net Assets Over Their Purchase Price. $1.8 Million In G&A Expens
Slide 4: Income Statement
Income Statement 2 ($ In Thousands) For the Three- Month For the Three- Month Period Ended Period Ended September 30, 2011 September 30, 2010 Revenues $22,797 $26,875 Revenues – related party 8,058 3,473 Total Revenues $30,855 $30,348 Expenses: Voyage expenses 1,169 1,635 Vessel operating expenses –
Slide 5: Operating Surplus For Calculation Of Unit Distribution
Operating Surplus For Calculation Of Unit Distribution 3 ($ In Thousands) For the Three-Month For the Three-Month Period Ended Period Ended September 30, 2011 June 30, 2011 $68,542 $15,147 Net Income Adjustments to net income Depreciation and amortization 8,146 8,947 Deferred revenue 2,727 1,223 Gai
Slide 6: Balance Sheet
Balance Sheet 4 ($ In Thousands) As Of As Of September 30, 2011 December 31, 2010 Assets Total Current Assets $76,824 $35,139 Total Fixed Assets 1,086,185 707,339 Other Non-Current Assets 61,694 15,774 Total Assets $1,224,703 $758,252 Liabilities and Partners’ Capital Total Current Liabilities $63,2
Slide 7: Fleet Overview
Fleet Overview 5 Vessel Name DWT Charterer Year/Place Built Type of Vessel ALEXANDER THE 297,958 2010, Japan GREAT VLCC ACHILLEAS 297,863 Voyage Charter 2010, Japan CAPE AGAMEMNON 179,221 2010, S. Korea Capesize Dry Cargo AMORE MIO II 159,982 2001, S. Korea MILTIADIS M II 162,397 Voyage Charter 2006
Slide 8: Secured Long Term Employment For Crude Tankers
Secured Long Term Employment For 3 Crude Tankers 6 T/C Rate Name Dwt Built (Year 1/ Profit Share Duration Year 2/ Year3) $28,000 / 50/50 On Alexander 2010 Max. Of 3 297,958 $34,000 / Actual The Great Universal Years $38,000 Earnings $20,000 / 50/50 On 2008 Max. Of 3 Amoureux 150,393 $24,000 / Actual
Slide 9: High Charter Coverage For The Medium Term
High Charter Coverage For The Medium Term 7 Voyage Charter Voyage Charter Voyage Charter Voyage Charter 64% Of Total Fleet Days For 2012 With Secured Coverage
Slide 10: Tanker Market Overview
Tanker Market Overview 58 Global Oil Demand Revised Down To 89.2 Mb/D In 2011 (+1.0 Mb/D Y-o-y) And 90.5 Mb/D in 2012 (+1.3 Mb/D) With Lower-Than-Expected 3Q11 Readings In The Non-OECD And A Downward 5 - Year Adjustment To Global GDP Growth 3 Year T/C Average Assumptions. VLCC $43,701 Since July
Slide 11: Supply Side Overview
Supply Side Overview 12 9 Product Tanker Newbuilding Dwt (m) Product Tanker Orderbook (10,000 - 60,000 dwt) Orders Lowest Since 2003, When 45 Orderbook (Million DWT) 60% Previous Upward Rate Cycle 40 50% Commenced. 35 30 40% 25 Crude Tanker Orderbook Is 20 30% Declining, As Very Few New Orders 1
Slide 12: Sustainable Distribution With Upside Potential
Sustainable Distribution With Upside Potential 10 CPLP Reiterates Commitment To $0.93 Per Unit Annual Distribution Guidance. Strong Balance Sheet With Cash Of Ca. $61 Million And Increased Financial Flexibility. Cash Flow From Fixed Charters Generates More Than The Quarterly Distribution Of $1
Slide 13: Capital Product Partners L.P.
Capital Product Partners L.P.
Capital Product Partners — Q3 2011 Earnings Presentation on 6ix